In tough times, one needs careful planning and preparation to ensure a smooth and comfortable life.
As we pass onto our old age, we get into more and more difficulties. Our dependency on others increases. We need help to get around. Help to move about. Help in almost everything. We pass onto the second childhool of our life.
The old age is also the time when there will be lots of medical care requirements. There will be increasing expenses on medicine. Increasing requirements for hospitalisation.
All this results in higher and higher expenses on medical care, both in terms of hospital charges and also in terms of doctor charges and the prescription drugs.
But, the senior citizens need not be dependents on others for the medical expenses.
There is Medicare.
Once there is Medicare the medical costs are cut down drastically. This will enable senior citizens to get their routine checkups, get those preventive services which would normally cost a lot and those , prescription drugs which normally end up costing a bomb. Even hospitalisation, whenever required, does not pich one’s pocket.
If somebody is already receiving Social Security or railroad retirement benefits, they are typically qualified to get part of the Medicare benefits for free, which is also a boon.
There are two ways in which Medicare benefits can be obtained.
The basic Medicare Plan is a fee-for-service plan. It covers a number of health care services and a few prescription drugs. So, by paying a low monthly premium, one takes care of the medical services. This means that one can visit any doctor that accepts Medicare by showing the medicare card and make the required co-payment.
The medicare supplemental plans cover more services. They also have lower out-of-pocket costs compared to the basic Medicare Plan. Some of these even cover prescription drugs. However, these allow access only to a select set of doctors and hospitals.
Medicare Part A is the hospital insurance plan which pays for the inpatient care in a hospital .
If you enroll in medicare part B , you will get medical insurance and covers many of the medical services such as doctor’s services. These are not covered by the Part A.
Medicare Part C is the Medical Advantage Plan that combines both Part A and Part B and some additional services.
medicare part D is Medicate Part C added with the prescription drug coverage.